Susan Suarez would like to work forty hours per week, but can only find twenty hours per week of work. In the official employment statistics, Susan is classified as:
A. unemployed.
B. employed.
C. underemployed.
D. out of the labor force.
Answer: B
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If the marginal tax rate is 20%, by how much must income have increased if your tax bill increases by $300?
A. $1,500 B. $300 C. $1,000 D. Cannot be determined
Proponents of zero inflation argue that reducing inflation has
a. permanent costs and temporary benefits. b. temporary costs and permanent benefits. c. permanent costs and benefits. d. temporary costs and benefits.
Let the TC curve be given by the equation TC(Q) = 5 + Q. The ATC curve can be expressed as
A. Q. B. (5/Q) + 1. C. (1/Q) + 5. D. 5.
Answer the following statement(s) true (T) or false (F)
1. Due to scarcity, each society must answer five basic economic questions. 2. In a command economy, major economic decisions are made by thousands of independent consumers and producers. 3. Firms are the sellers in product markets. 4. Factor markets are also known as output markets.